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Shocked at Stamp Duty

kdmd
kdmd Posts: 1 Newbie
in House buying, renting & selling
Just found a house to buy after 6 months of searching in the midlands this will be lived in full time by my self and my wife
i'm shocked to find out that my stamp duty has jumped from £1500 to £7500 on a house costing £200k
The reason is i own a holiday apartment in spain  purchased 20 years ago,i would'nt mind so much but i cant even live in that apartment for more than 90 days due to 
the new BREXIT rules i believe this should be looked into
kd
«13

Comments

  • TBG01
    TBG01 Posts: 505 Forumite
    500 Posts Fourth Anniversary Name Dropper
    edited 11 January 2022 at 5:30PM
    Agreed.

    Let's retrospectively refund everyone who's paid the higher rate because you didn't do your research surrounding tax implications of owning more than one property.
  • Slithery
    Slithery Posts: 6,046 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    Sell the holiday apartment first and then the additional SDLT won't be due?
  • Thumbs_Up
    Thumbs_Up Posts: 965 Forumite
    500 Posts First Anniversary Name Dropper Photogenic
    The country is broke, it needs your money.
  • SDLT_Geek
    SDLT_Geek Posts: 2,975 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    kdmd said:
    Just found a house to buy after 6 months of searching in the midlands this will be lived in full time by my self and my wife
    i'm shocked to find out that my stamp duty has jumped from £1500 to £7500 on a house costing £200k
    The reason is i own a holiday apartment in spain  purchased 20 years ago,i would'nt mind so much but i cant even live in that apartment for more than 90 days due to 
    the new BREXIT rules i believe this should be looked into
    kd
    You are not selling an existing home, nor have sold an existing home which you lived in within the last three years?
  • Andthen07
    Andthen07 Posts: 49 Forumite
    10 Posts
    I'm shocked , shocked!. Well not that shocked actually. 
  • Andthen07
    Andthen07 Posts: 49 Forumite
    10 Posts
    I'm shocked , shocked!. Well not that shocked actually. 
  • canaldumidi
    canaldumidi Posts: 3,511 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Combo Breaker
    TBG01 said:
    Agreed.

    Let's retrospectively refund everyone who's paid the higher rate because you didn't do your research surrounding tax implications of owning more than one property.

    To be fair there was no additional SDLT when OP bought the Spanish property. But yes, when he started house hunting 6 months ago this should have figured in his financial calculations.

    Sell the Spanish property.....
  • user1977
    user1977 Posts: 18,347 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    canaldumidi said:
    TBG01 said:
    Agreed.

    Let's retrospectively refund everyone who's paid the higher rate because you didn't do your research surrounding tax implications of owning more than one property.
    Sell the Spanish property.....
    Or acquire Spanish citizenship and go there.
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